MONTREAL, QUEBEC, Jul 14, 2011 (MARKETWIRE via COMTEX) --Afri-Can Marine Minerals Corporation ("Afri-Can") CA:AFA0.00%announces that it will close a non-brokered private placementtotalling up to $1.3 million, of which $1.0 million has been fullysubscribed. The private placement is subject to regulatory approval.
The private placement will comprise a maximum of 18,600,000 units("Unit") of Afri-Can, at a subscription price of
.07 per Unit. EachUnit will consist of one (1) common share and one-half (1/2) commonshare purchase warrant ("Warrant") of the Company. Each full Warrantwill entitle the holder thereof, during a period of 24 months fromthe date of closing of the placement, to purchase one (1) Afri-Cancommon share at an exercise price of
.11 per common share. Eachsecurity issued pursuant to the placement will have a mandatory four(4) month holding period from the date of closing of the placement.
About Afri-Can Marine Minerals Corporation
Afri-Can is a Canadian company, actively involved in the acquisition,exploration and development of major mineral properties in Namibia.Afri-Can's creative and scientific approach targets large marinediamond deposits in prospective territories.
This press release contains certain "forward-looking statements," asidentified in the Afri-Can's periodic filings with CanadianSecurities Regulators that involve a number of risks anduncertainties. There can be no assurance that such statements willprove to be accurate and actual results and future events coulddiffer materially from those anticipated in such statements.
Shares outstanding: 222,714,984
Neither the TSX Venture Exchange nor its Regulation Services Provider(as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.